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Electricity and the U.S. Economy

U.S. Economic Growth Is Linked To Electricity Growth

The U.S. economy is highly dependent on affordable and reliable electricity. In fact, growth in electricity use has tracked growth in the gross domestic product (GDP)—the nation’s gauge of economic health—more closely than any other source of energy since the end of World War II.

The tie between electricity use and the economy is the product of many factors, including the development of advanced electric technologies, population changes, and the relatively stable price of electricity.

The Energy Information Administration projects our nation’s economy will remain steady, with the GDP growing at an average annual rate of 2.4 percent from 2006 to 2030. Electricity demand, which is closely tied to the rate of economic growth, will grow by at least 30 percent during this time.1

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1 U.S. Department of Energy, Energy Information Administration, Annual Energy Outlook 2008 (Early Release), April 2008, pages 2 and 11.